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Conventional Loans in Maywood
Maywood sits in the heart of LA County, where conventional loans dominate purchase financing for borrowers with solid credit. These non-government loans give you more flexibility on property types and terms than FHA or VA.
Most lenders price conventional loans lower than government programs when you bring 20% down. In dense LA County neighborhoods like Maywood, that pricing advantage matters on every property type from single-family homes to multi-unit buildings.
You need 620 minimum credit for most conventional programs, but 740+ gets you the sharpest pricing. Debt-to-income stays under 45% for automated approvals, though some lenders stretch to 50% with compensating factors.
Down payments start at 3% for first-time buyers through Fannie Mae HomeReady or Freddie Mac Home Possible. Repeat buyers typically need 5% minimum, while investment properties require 15-25% depending on unit count and reserves.
We access 200+ wholesale lenders who price conventional loans differently based on property location, loan amount, and borrower profile. Some beat bank rates by 0.375% on identical scenarios because they price LA County zip codes more aggressively.
Credit unions often quote low rates but layer in overlays that kill deals. Direct lenders move faster but limit programs. Our wholesale access means we match your specific Maywood property to the lender whose pricing model rewards your exact profile.
Most Maywood buyers overpay by going straight to their bank instead of shopping wholesale markets. Banks add 0.25-0.75% in markup that goes straight to profit, while brokers get paid by lenders and pass savings through.
I've closed deals where borrowers refinanced out of bank loans within months after seeing our initial quotes. On a $500K Maywood property, that rate difference costs $80-150 monthly for 30 years. Do the math on overpaying because you didn't make three calls.
FHA requires mortgage insurance for life on 3.5% down deals, while conventional drops PMI once you hit 20% equity. That insurance costs $200-300 monthly on typical Maywood purchases, money that disappears forever on FHA.
Jumbo loans kick in above $806,500 in LA County, but conventional conforming maxes out there with better rates and terms. If your Maywood property falls under that limit, conventional beats jumbo pricing by 0.25-0.5% typically.
Maywood's older housing stock means appraisals flag condition issues more often than newer construction areas. Conventional lenders require properties meet basic habitability standards, so deferred maintenance kills deals faster than with FHA's looser requirements.
Multi-unit properties are common in Maywood, and conventional loans finance 2-4 units with rental income offsetting your debt ratio. Most lenders count 75% of market rents toward qualifying income, letting you buy buildings you couldn't afford as single-family homes.
Minimum 620 gets you approved but 740+ unlocks best pricing. Every 20-point jump below 740 costs about 0.25% in rate or more upfront fees.
First-time buyers qualify at 3% down through HomeReady or Home Possible programs. Repeat buyers need 5% minimum for primary residences, 15-25% for investment properties.
No, but PMI drops automatically at 78% loan-to-value or by request at 80%. Lender-paid PMI options exist but build insurance cost into a higher rate permanently.
Yes, conventional financing covers 2-4 unit buildings with 15% down for owner-occupied purchases. Lenders count 75% of projected rents toward your qualifying income.
With 680+ credit and 10%+ down, conventional rates beat FHA by 0.125-0.375%. FHA only wins on lower credit scores or minimal down payment scenarios.
Conventional loans require properties meet basic habitability at closing. Major issues need fixing before funding, unlike FHA 203k rehab loans that finance repairs.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.